Binance Must 'Completely Exit' From US as It Settles Years-Long Criminal Investigation

The $4.3 billion settlement is one of the largest corporate penalties in U.S. history, says DOJ.

Binance will exit the U.S. market and pay $4.3 billion—one of the largest corporate penalties in U.S. history—to settle anti-money laundering and sanctions violations, the Department of Justice today said.

The exit and penalty are the result of a years-long criminal investigation into the company and its leadership. CEO Changpeng Zhao has also stepped down after pleading guilty to anti-money laundering violations and agreed to pay a separate $50 million fine.

The settlement also prohibits Zhao from any present or future involvement with the company for at least three years, according to the terms of the plea agreement.

The charges state that Binance focused on profits over legal compliance, serving U.S. customers without proper controls. This allowed funds tied to terrorism, hacking, and other crimes to flow through Binance undetected.

Binance also failed to stop over $898 million in illegal trades between U.S. users and those in sanctioned countries like Iran, according to the DOJ. As part of the plea deal, Binance forfeited over $2.5 billion and paid a $1.8 billion criminal fine. Zhao's individual plea relates to the lack of anti-money laundering controls at the exchange and violations of the Bank Secrecy Act—not unlike the charges to which BitMEX founder Arthur Hayes pleaded guilty early last year. Hayes paid a $10 million criminal fine and avoided prison, sentenced instead to two years probation.

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